Bright Minds Biosciences’ (DRUG) Buy Rating Reaffirmed at HC Wainwright

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a report released on Monday,Benzinga reports. They currently have a $145.00 target price on the stock. HC Wainwright’s price target indicates a potential upside of 73.30% from the stock’s previous close.

Several other analysts have also issued reports on DRUG. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Jefferies Financial Group began coverage on shares of Bright Minds Biosciences in a research report on Monday, April 13th. They issued a “buy” rating and a $145.00 target price on the stock. Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a research report on Friday, February 13th. Piper Sandler restated an “overweight” rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. Finally, BTIG Research restated a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.83.

Bright Minds Biosciences Stock Performance

Shares of Bright Minds Biosciences stock traded down $4.40 during trading on Monday, hitting $83.67. 142,704 shares of the company’s stock were exchanged, compared to its average volume of 183,906. The business has a 50-day simple moving average of $82.10 and a 200-day simple moving average of $79.81. Bright Minds Biosciences has a 52-week low of $23.17 and a 52-week high of $123.75. The stock has a market capitalization of $814.12 million, a price-to-earnings ratio of -34.23 and a beta of -5.53.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.86) by $0.06. On average, equities analysts anticipate that Bright Minds Biosciences will post -4.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the sale, the insider directly owned 950,000 shares of the company’s stock, valued at $85,025,000. This represents a 10.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 42.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada boosted its stake in Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after acquiring an additional 1,873 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Bright Minds Biosciences in the 3rd quarter worth $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth $66,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Bright Minds Biosciences in the 3rd quarter worth $73,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.